UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 19, 2015
PATRIOT TRANSPORTATION HOLDING, INC.
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(Exact name of registrant as specified in its charter)
FLORIDA 0-17554 47-2482414
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation
200 W. Forsyth Street, 7th Floor
Jacksonville, Florida 32202
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (904) 858-9100
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
[] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
CURRENT REPORT ON FORM 8-K
PATRIOT TRANSPORTATION HOLDING, INC.
May 19, 2015
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Credit Facility
On May 13, 2015, the Company entered into a Credit Agreement with
Branch Banking and Trust Company (BB&T), under which BB&T will lend up to
$25 million under a two (2) year revolving facility to be secured by a
portion of the Company's equipment Each draw under the revolver shall have
a five year term with a seven year amortization payable monthly. Each draw
requires the payment of a bank fee equal to .25% of the amount drawn. Any
amounts outstanding under this facility bear interest at a rate of 1.5%
over LIBOR, which rate may change quarterly based on the Company's
leverage ratio. A commitment fee of 0.15% per annum is payable quarterly
on the unused portion of the commitment. The Credit Agreement contains
certain conditions and financial covenants, including limitations on the
payment of dividends or distributions or the purchase or redemption of the
Company's capital stock except for in limited circumstances provided in the
Credit Agreement.
ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION
OR AN OBLIGATION UNDER AN OFF-BALANCE
SHEET ARRANGEMENT OF A REGISTRANT
The information set forth under the heading "Credit Facility" in
Item 1.01 of this Current Report on Form 8-K is incorporated herein by
reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Current Report to be signed
on its behalf by the undersigned thereunto duly authorized.
PATRIOT TRANSPORTATION HOLDING, INC.
Date: May 19, 2015 By: /s/ John D. Milton, Jr.
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John D. Milton, Jr.
Executive Vice President
and Chief Financial Officer